Bank of America Corporation

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including Bank of America, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company enabled the movement of criminal funds even after raising suspicions. Based on this news, shares of Bank of America fell by more than 4% on September 21, 2020.

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Citigroup Inc.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including Citigroup, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company enabled the movement of criminal funds even after raising suspicions. Based on this news, shares of Citigroup fell by more than 3% on September 21, 2020.

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The Bank of New York Mellon Corporation

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including Bank of New York Mellon, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company enabled the movement of criminal funds even after raising suspicions. Based on this news, shares of Bank of New York Mellon fell by more than 5% on September 21, 2020.

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GFL Environmental Inc.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. GFL is the subject of a report issued by Spruce Point Management on August 18, 2020. The report alleges that the Company engages in suspicious activity including “evidence that through his real estate holding company PJD Properties, [CEO Patrick Dovigi] leases office space to GFL,” which was “not properly disclosed to investors.” The report also states that the Company engages in aggressive accounting techniques such as, “restat[ing] both revenue and EBITDA, without explanation, by pulling from “intercompany,” a sign it is minimizing financial issues. Based on this news, shares of GFL dropped over the next two trading sessions.

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Huazhu Group Limited

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Huazhu is the subject of a report issued by Bonitas Research on September 21, 2020. According to the report, the Company “lied about the ownership of its hotel portfolio to produce fake financials.” The report alleges that the Company secretly supported certain franchisee hotels owned by Company employees and other off-book hotels. Bonitas Research also alleges that it “believe[s] that Huazhu concealed operating expenses using undisclosed related party transactions to artificially inflate Huazhu’s reported profits[,]” and that it “calculate[s] that Huazhu’s fake profits manifested as RMB 2 billion (US$ 300 million) of fake PP&E on its CYE’19 balance sheet.” Based on this news, shares of Huazhu fell by more than 3.5% in intraday trading on the same day.

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Legend Biotech Corporation

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Legend issued a press release on September 21, 2020, disclosing that Company CEO Dr. Fangliang Zhang has been placed under residential surveillance by the Chinese government. The Company also admitted that the Chinese Customs Anti-Smuggling Department has inspected the offices of GenScript Biotech Corporation, the Company’s majority shareholder. These inspections included Legend’s offices, and are related to alleged violations of import and export regulations. Based on this news, shares of Legend fell by more than 17% on the same day.

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Standard Chartered PLC

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including Standard Chartered, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company enabled the movement of funds by Al Zarooni Exchange, which is accused of laundering money for the Taliban. Based on this news, shares of Standard Chartered fell by more than 7% in intraday trading on September 21, 2020.

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HSBC Holdings plc

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including HSBC, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company enabled the movement of criminal funds even after raising suspicions. Based on this news, shares of HSBC fell by more than 6% in intraday trading on September 21, 2020.

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JPMorgan Chase & Co.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including JP Morgan, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company enabled the movement of criminal funds even after raising suspicions. Based on this news, shares of JP Morgan fell by more than 4% in intraday trading on September 21, 2020.

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Deutsche Bank Aktiengesellschaft

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Buzzfeed published an investigation of international banking on September 20, 2020, alleging that various financial institutions, including Deutsche Bank, had direct knowledge of serious failures in policies and controls to prevent money laundering. The report alleges that the Company’s audit division gave its Moscow office its approval, despite the fact that it could not even produce a client list when asked. Based on this news, shares of Deutsche Bank fell by nearly 10% in intraday trading on September 21, 2020.

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